Norges Bank Takes Position in New Oriental Education & Technology Group Inc. (NYSE:EDU)

Norges Bank purchased a new position in shares of New Oriental Education & Technology Group Inc. (NYSE:EDU) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 1,438,842 shares of the company’s stock, valued at approximately $92,345,000. Norges Bank owned 0.85% of New Oriental Education & Technology Group as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EDU. SBI Securities Co. Ltd. bought a new stake in shares of New Oriental Education & Technology Group during the fourth quarter valued at approximately $51,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in New Oriental Education & Technology Group by 14.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,658 shares of the company’s stock valued at $126,000 after purchasing an additional 206 shares during the period. Empowered Funds LLC bought a new stake in New Oriental Education & Technology Group during the 4th quarter valued at $138,000. Blue Trust Inc. raised its holdings in New Oriental Education & Technology Group by 37.8% during the fourth quarter. Blue Trust Inc. now owns 2,827 shares of the company’s stock worth $181,000 after buying an additional 775 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in New Oriental Education & Technology Group during the fourth quarter worth $224,000.

Analyst Ratings Changes

EDU has been the subject of several recent research reports. Macquarie downgraded shares of New Oriental Education & Technology Group from an “outperform” rating to an “underperform” rating and decreased their target price for the stock from $79.00 to $44.00 in a research report on Wednesday, January 22nd. Citigroup lowered New Oriental Education & Technology Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $83.00 to $50.00 in a report on Friday, January 24th. StockNews.com lowered New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a report on Thursday, March 13th. China Renaissance downgraded New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a report on Monday, March 24th. Finally, Morgan Stanley lowered New Oriental Education & Technology Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $83.00 to $52.00 in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $61.20.

New Oriental Education & Technology Group Stock Up 0.4 %

EDU stock opened at $48.00 on Wednesday. The firm has a market cap of $8.15 billion, a PE ratio of 20.43 and a beta of 0.47. The business has a 50 day moving average of $49.34 and a 200-day moving average of $58.55. New Oriental Education & Technology Group Inc. has a 12-month low of $44.46 and a 12-month high of $91.04.

New Oriental Education & Technology Group Profile

New Oriental Education & Technology Group, Inc is a holding company, which engages in the provision of private educational services. It operates through the following segments: Educational Services and Test Preparation Courses, Private Label Products and Livestreaming E-Commerce, Overseas Study Consulting Services, and Educational Materials and Distribution.